Syria signs $800 mn port deal with DP World to develop Tartus port
Damascus, Syria -- Syria signed a $800 million deal with UAE-based company DP World on Sunday to develop the port...
Business
Investments rise in data, AI, outpacing physical assets: UN
Geneva, Switzerland - The purchase of physical assets was eclipsed last year by a surge in investment in intangible items...
Geostrategy
Business
Oman, UAE to boost rail logistics with new Vale deal
ABU DHABI, UAE- Oman and Etihad Rail Company signed an agreement with Vale, one of the world’s largest mining companies,...
- The deal says both parties will work to develop integrated logistics solutions that connect Vale’s industrial complex in Sohar Port and Freezone.
- Ahmed Al Musawa Al Hashemi, CEO of the Oman and Etihad Rail Company, and Rogerio Nogueira, official at Vale signed the deal.
Business
Shoemakers for Nike, Adidas to slash thousands of jobs
One of Vietnam's largest shoe manufacturers for brands such as Nike and Adidas will cut thousands of workers at the...
- PouYuen Vietnam told local authorities it would lay off almost 6,000 workers with permanent contracts from the end of next month.
- "This will be the biggest layoff since PouYuen started its operation in Ho Chi Minh City in 1996," the state media outlet said.
Business
UAE presents labor laws to UN Human Rights Council in Geneva
DUBAI, UAE - The UAE presented its legislative ecosystem - which regulates the local labor market, provides social security and...
- Several UAE federal, local government entities and civil society organizations were part of the delegation.
- The new labor legislations include provisions that prohibit discrimination on all grounds as defined in international conventions.
Geostrategy
Saudi Arabia and Iran discuss ‘opportunities to develop and strengthen’ ties
Riyadh, Saudi Arabia-- Saudi Arabia and Iran have discussed ways to strengthen the ties between the two countries in a...
- The Iranian minister described the expansion of the Saudi-Iranian relations as a "win-win" development
- The two ministers met in Jeddah on the sidelines of the Islamic Development Bank Group's conference
Business
The Game Company raises $5m at $40m valuation
 Dubai, UAE - AI-driven cloud-based gaming platform, The Game Company, raised $5 million during their pre-seed round in December....
- The company is poised for even more growth during its upcoming funding round, with expectations of a substantial increase in valuation
- The company aims to create a truly immersive gaming experience that is accessible for anyone, anywhere, anytime, and on any device
Geostrategy
Iran to receive fighter jets from Russia in sign of growing military ties
Tehran, Iran--Iran will begin to receive the first batch of Russian SU-35 fighter jets next week, according to Mehr News...
- Being under Western sanctions, both Iran and Russia have signed deals in recent months to boost military, economic, trade, and energy ties
- Apart from the 24 jets, Iran will also receive from Russia air defense systems, missile systems and helicopters from Russia in the near future
Business
RAK Ceramics’ profit soars in Q1
The profit rose to US$22mn on the back of higher revenue.
- The company's revenue soared to $240 million, a jump of 12.7 percent, and EBITDA went up to $43 million, an increase of 21 percent
- It is looking to make additions to its capacity for tiles, sanitaryware and tableware division in the United Arab Emirates
Business
DP World’s JAFZA looks to boost UAE-India trade to US$100bn
Speaking at a CII event in New Delhi, Abdulla Bin Damithan, CEO & Managing Director, DP World UAE & Jafza...
- Trade between the UAE and India has shot up to $84 billion in 2022, from $68 billion the year before, recording a 23 percent jump
- Indian companies are the second largest partners in the free zone in terms of trade volume and fourth in terms of trade value
Dubai Investments profit up 55%
The Group's income also saw an increase of 34 percent.
- The company's net profit for the period stood at $85.51 million, up from $55.20 million during the same period last year
- he Group's total income also saw an increase of 34 percent, reaching $278.11 million, compared to $204.65 million in Q1 2022.
Business
ADNOC Distribution’s profit up
Its profit vaulted to US$150 million in Q1 of 2023
- The company said the profit resulted from strong performance and improvement in efficiency measures across all operations
- It acquired a 50 percent stake in TotalEnergies Marketing in Egypt, and plans to open the first service station in Cairo in Q2
Syria signs $800 mn port deal with DP World to develop Tartus port
Damascus, Syria -- Syria signed a $800 million deal with UAE-based company DP World on Sunday to develop the port...
Business
Company News
DEWA awards pipeline contract
Business
GIB, KSA wrap up Sukuk debut
Business
Latest News
ADU inks MoU with Italy-Czech Republic Chamber of Commerce
ABU DHABI, UAE - Abu Dhabi University (ADU) has signed a Memorandum of Understanding with the Italy-Czech Republic Chamber of...
Business
Spain urges WTO meet in UAE to address de-globalization
ABU DHABI, UAE - Madrid wants the upcoming 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) here next...
Business
FDI inflows into Saudi Arabia fall 14.4 percent in third quarter: GASTAT
Riyadh, Saudi Arabia -- Foreign Direct Investment inflows into Saudi Arabia hit SAR 17 billion in the third quarter of...
Business
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Business
Shell annual profit drops to US$19.4bn
Its revenue dived almost a fifth percent to US$316.6 billion.
- Revenue of the British energy major dived almost a fifth percent to $316.6 billion, Shell will nevertheless return $3.5 billion to shareholders
- "Shell delivered another quarter of strong performance, concluding a year in which we made good progress," said chief executive
Shares in India’s Paytm dive 20%
Banking arm asked to stop accepting fresh deposits.
- Paytm collapsed 20 percent at the open of trade in Mumbai before a trading halt, the day after the RBI reported "persistent non-compliances" at Paytm Payments Bank
- RBI said it would not be able to accept new deposits, offer fund transfers or help facilitate credit transactions from March, although customers will be able to withdraw cash
Business
Borouge full-year net profit $1bn
The firm posted third consecutive rise in quarterly earnings.
- Borouge management intends to distribute 15.9 fils per share in dividends for the full year 2024, equating to a 6.6 percent current dividend yield.
- Fourth quarter revenue reached $1.5 billion, unchanged quarter-on-quarter and declining 6 percent on a year-on-year basis on weaker global demand.